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Middleby (MIDD)

The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Anets®, APW Wyott®, Bakers Pride®, Beech®, BKI®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, Crown®, CTX®, Desmon®, Deutsche Beverage®, Doyon®, Eswood®, EVO®, Firex®, Follett®, frifri®, Giga®, Globe®, Goldstein®, Holman®, Houno®, IMC®, Induc®, Ink Kegs®, Inline Filling Systems®, Jade®, JoeTap®, Josper®, L2F®, Lang®, Lincat®, MagiKitch'n®, Market Forge®, Marsal®, Meheen®, Middleby Marshall®, MPC®, Nieco®, Nu-Vu®, PerfectFry®, Pitco®, QualServ®, RAM®, Southbend®, Ss Brewtech®, Star®, Starline®, Sveba Dahlen®, Synesso®, Tank®, Taylor®, Thor®, Toastmaster®, TurboChef®, Ultrafryer®, Varimixer®, Wells® Wild Goose® and Wunder-Bar®.

Company profile

Ticker
MIDD
Exchange
CEO
Timothy Fitzgerald
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
A&J Manufacturing, LLC • AGA Rangemaster Group Ltd • AGA Rangemaster Ltd • AGA Rangemaster Properties Ltd • AGA Rayburn Ltd • Alkar Holdings, Inc. • Alkar-RapidPak, Inc. • American Permanent Ware Company, LLC • Anetsberger, LLC • ARG Corporate Services Ltd ...
IRS number
363352497

MIDD stock data

Analyst ratings and price targets

Last 3 months

Calendar

11 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jul 22 Apr 22 Jan 22 Oct 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jan 22 Jan 21 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 166.59M 166.59M 166.59M 166.59M 166.59M 166.59M
Cash burn (monthly) (no burn) 19.08M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 25.69M n/a n/a n/a n/a
Cash remaining n/a 140.9M n/a n/a n/a n/a
Runway (months of cash) n/a 7.4 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 22 Chapin Sarah Palisi Common Stock Sell Dispose S No No 148.53 250 37.13K 7,460
16 Jul 22 Bryan E. Mittelman Common Stock Payment of exercise Dispose F No No 127.51 555 70.77K 22,027
24 May 22 Nassem Ziyad Common Stock Buy Acquire P No No 135.83 2,035 276.41K 10,845
15 May 22 Bryan E. Mittelman Common Stock Grant Acquire A No No 0 3,817 0 22,582
15 May 22 Timothy John Fitzgerald Common Stock Grant Acquire A No No 0 14,671 0 258,334
13F holders Current Prev Q Change
Total holders 374 370 +1.1%
Opened positions 54 55 -1.8%
Closed positions 50 45 +11.1%
Increased positions 111 120 -7.5%
Reduced positions 131 105 +24.8%
13F shares Current Prev Q Change
Total value 9.35B 11.26B -17.0%
Total shares 57.89M 58.72M -1.4%
Total puts 103.7K 128.1K -19.0%
Total calls 152.36K 160.1K -4.8%
Total put/call ratio 0.7 0.8 -14.9%
Largest owners Shares Value Change
Vanguard 5.05M $827.09M -2.2%
BLK Blackrock 4.5M $737.23M +0.2%
Goldman Sachs & Co 4.03M $519.46M 0.0%
Wellington Management 3.94M $646.08M -10.0%
EdgePoint Investment 2.3M $377.84M -8.8%
Victory Capital Management 2.14M $350.4M -2.5%
BAM Brookfield Asset Management 2.06M $338.36M 0.0%
GS Goldman Sachs 1.83M $299.36M +5.4%
TROW T. Rowe Price 1.51M $246.84M +1.7%
STT State Street 1.44M $236.51M +3.9%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -744.58K EXIT
Boston Partners 1.11M +469.31K +73.8%
Wellington Management 3.94M -439.6K -10.0%
Citadel Advisors 825.74K +437.85K +112.9%
Select Equity 690.16K +330.36K +91.8%
Sarasin & Partners 1.43M -304.33K -17.6%
BAC Bank Of America 875.87K +264.23K +43.2%
ArrowMark Colorado 636.82K -252.6K -28.4%
MCQEF Macquarie 919.58K -241.22K -20.8%
EdgePoint Investment 2.3M -222.1K -8.8%

Financial report summary

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Risks
  • Current and future economic conditions could adversely affect the company’s business and financial performance.
  • Uncertainty surrounding the terms of the United Kingdom’s withdrawal from the European Union may have a negative effect on global economic conditions, financial markets or the Company’s business.
  • The company is subject to currency fluctuations and other risks from its operations outside the United States.
  • The COVID-19 pandemic has adversely impacted, and likely will continue to, adversely impact and pose risks to the company, the nature and extent of which are highly uncertain and unpredictable.
  • The company’s level of indebtedness could adversely affect its business, results of operations and growth strategy.
  • The company’s current credit agreement limits its ability to conduct business, which could negatively affect the company’s ability to finance future capital needs and engage in other business activities.
  • Fluctuations in interest rates could adversely affect the company's results of operations and financial position.
  • The company has a significant amount of goodwill and indefinite life intangibles could suffer losses due to asset impairment charges.
  • The company's defined benefit pension plans are subject to financial market risks that could adversely affect the company's results of operations and cash flows.
  • The company faces intense competition in the commercial foodservice, food processing, and residential kitchen equipment industries and failure to successfully compete could impact the company’s results of operations and cash flows.
  • The company is subject to risks associated with developing products and technologies, which could delay product introductions and result in significant expenditures.
  • The company depends on key customers for a material portion of its revenues. As a result, changes in the purchasing patterns or loss of one or more key customers could adversely impact the company’s operating results.
  • Price increases in some materials and disruptions in supply could affect the company’s profitability.
  • The company faces risks related to health epidemics and other widespread outbreaks of contagious disease, which could significantly disrupt its operations and impact its operating results.
  • The company may be the subject of product liability claims or product recalls, and it may be unable to obtain or maintain insurance adequate to cover potential liabilities.
  • An increase in warranty expenses could adversely affect the company’s financial performance.
  • The company’s financial performance is subject to significant fluctuations.
  • The company may be unable to manage its growth.
  • The company’s acquisition, investment and alliance strategy involves risks. If the company is unable to effectively manage these risks, its business will be materially harmed.
  • An inability to identify or complete future acquisitions could adversely affect future growth.
  • Expansion of the company’s international operations involves special challenges that it may not be able to meet. The company’s failure to meet these challenges could adversely affect its business, financial condition and operating results.
  • The impact of future transactions on the company’s common stock is uncertain.
  • The company’s business could suffer in the event of a work stoppage by its unionized labor force.
  • The company depends significantly on its key personnel.
  • The company may not be able to adequately protect its intellectual property rights, which may materially harm its business.
  • Any infringement by the company of a third party's patent rights could result in litigation and adversely affect its ability to provide, or could increase the cost of providing, the company’s products and services.
  • The company may be subject to information technology system failures, network disruptions, cybersecurity attacks and breaches in data security, which may materially adversely affect the company’s operations, financial condition and operating results.
  • The company may be subject to litigation, tax, and other legal compliance risks.
  • The company’s reputation, ability to do business, and results of operations may be impaired by the improper conduct of any of its employees, agents, or business partners.
  • The company is subject to potential liability under environmental laws.
  • Unfavorable tax law changes and tax authority rulings may adversely affect financial results.
  • The trading price of the company's common stock has been volatile, and investors in the company's common stock may experience substantial losses.
Management Discussion
  • NET SALES. Net sales in fiscal 2020 decreased by $446.1 million, or 15.1%, to $2,513.3 million as compared to $2,959.4 million in fiscal 2019. Net sales increased by $72.3 million, or 2.4%, from the fiscal 2019 acquisitions of Cooking Solutions Group, Powerhouse, Ss Brewtech, Pacproinc, Brava, and Synesso and the fiscal 2020 acquisitions of RAM, Deutsche, Wild Goose, and United Foodservice Equipment Zhuhai. Excluding acquisitions, net sales decreased $518.4 million, or 17.5%, from the prior year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for fiscal 2020 increased net sales by approximately $0.2 million. Excluding the impact of foreign exchange and acquisitions, sales decreased 17.5% for the year, including a net sales decrease of 26.5% at the Commercial Foodservice Equipment Group, a net sales increase of 5.9% at the Food Processing Equipment Group and a net sales decrease of 2.9% at the Residential Kitchen Equipment Group.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: accurate, American, Appleton, Audit, cadence, care, Colussi, Committee, confidential, confidentiality, CP, cyber, cybersecurity, detect, drawn, effort, exceed, flat, formal, frequently, implemented, incident, Latin, met, overseen, Oversight, personal, preserve, respond, robust, store, training, vacuum, washing, yearly
Removed: April

Patents

Design
Display screen or portion thereof with graphical user interface
9 Aug 22
Inventors: Andrey Baygulov, Rory Starks, Jean Nguyen
Utility
Ovens with metallic belts and microwave launch box assemblies for processing food products
9 Aug 22
In certain examples, a food processing machine for processing a food product includes a housing defining a cavity, a conveyor with a belt comprising metal for conveying the food product through the cavity in a longitudinal direction, and a convection heating system for heating air in the cavity such that heated air heats the food product as the food product is conveyed through the cavity.
Utility
Feeding of Food Products In Slicing or Portioning Machines
4 Aug 22
A food processing machine (10) and a method of cutting slices or portions from a food product (60, 70, 72, 74) in a food processing machine are described.
Utility
Fitting for Extrusion of Frozen Food Product
21 Jul 22
A fitting for extruding a frozen food product is provided.
Utility
Door and Baffle Interface Assembly for Frozen Dessert Machines
14 Jul 22
An interface assembly for a frozen dessert machine is disclosed that includes a freezer door having opposed front and rear sides and including at least one recessed mounting pocket formed in the rear side thereof, the at least one recessed mounting pocket including a cornice covering an upper portion thereof, and at least one elongated baffle having opposed proximal and distal end portions, the proximal end portion of the at least one baffle including a retention flange that is dimensioned and configured for detachable reception within the at least one mounting pocket of the freezer door behind the cornice.